Statoil to invest NOK 40 billion at Snoehvit

OSLO, Norway -- Norway''s Statoil will invest about 40 billion Norwegian crowns ($6.99 billion) in the upcoming development phases at its Snoehvit natural gas field in the Arctic to maintain production until 2040, a spokesman said on Tuesday.

Statoil said earlier it had dropped its plans to expand its Snoehvit field due to insufficient reserves.